You’ve accepted an offer. Now what happens?
Here’s what you can expect throughout the selling process in our area.
- The Purchase Offer
You will receive, in writing, the buyer’s offer to purchase your property, with the purchase price, and any contingencies such as financing provisions, house inspections, items to remain or to be removed from the house, etc. No accompanying deposit is required by the buyer with the submission of the purchase offer. You accept the offer, reject it, or you and the buyer negotiate through your agents until there is an agreed upon purchase price.
- The Home Inspection
Paid for by the buyer and usually scheduled within 2 weeks of an accepted offer. These typically include an inspection of the structure, water supply, septic system, pests, and radon levels. NY State law requires that sellers provide a residential property condition disclosure or offer a $500 credit to the buyer at closing. Any repair issues as a result of the inspection are negotiated with the seller at this point.
- The Sales Contract
At Gary DiMauro Real Estate we continue to show our listings until there is a signed contract, ensuring no down-time in the marketing process for our sellers. It also gives us the possibility of back-up offers. The buyers are urged to perform their inspection and get to signed contracts as quickly as possible. Although some counties in NY use “fill-in-the blank” standardized contracts, the contracts in our area are written by attorneys. Your agent can give you options for choosing a local attorney. The buyers will submit a 10% deposit when they sign the contracts.
- The Appraisal
If financing is involved, the buyer’s lender will order a certified appraisal from a licensed appraiser. A survey may also be required by the lender. The buyer pays for the appraisal and survey costs.
- The Closing
Your real estate agent and your attorney will work closely with the buyer’s agent and their attorney to coordinate the closing and make sure everything that’s required is properly handled. In addition to the loan pay-off fees and your attorney’s fees, you will typically pay for the broker’s commission, a New York State transfer tax of $4 per $1000 of sales price, your prorated share of annual property taxes, your prorated share of any heating fuel or utilities, and your prorated share of any property association dues.